AAM2024 – Day 3

Goodbye Bahamas!

« Embodying the Spirit of Vigilance »

During his keynote address at the 3rd AfriCaribbean Trade and Investment Forum the Honourable Philip Davis, KC, Prime Minister of the Commonwealth of The Bahamas highlighted the crucial role of unity and collaboration between Africa and the Caribbean. He praised Dr. Benedict Oramah’s visionary leadership at Afreximbank and called for a transformation of the global financial architecture. This transformation aims to create a fair and inclusive system that recognises and respects the unique needs and potentials of African and Caribbean regions. He states, “we must embody the spirit of vigilance and an unbending principle, not only driven by economic interests but by the profound ethical imperative to advocate for a more inclusive and thorough global financial system.”

Afreximbank and the Grand Bahama Afro-Caribbean Market Place

Yesterday Afreximbank signed a Project Preparation Facility with Grand Bahama – Afro-Caribbean Market Place to the value of $1.86 million. This transformative project captures the theme of “Owning Our Destiny – Economic Prosperity on the Platform of Global Africa.”

It involves revitalizing the former International Bazaar and Royal Oasis Tower and Casino in Freeport, Grand Bahama Island into an Afro-Caribbean Marketplace. This vibrant hub will foster African and Caribbean partnerships, enhance trade and investment, and become the signature destination for a ‘Taste of Africa and the Caribbean’. The project is set to bring $50 million in investments.

To Know Your Future, Understand Your Past

In his speech, H.E. Hailemariam Desalegn, Former Prime Minister of Ethiopia highlighted the importance of understanding Africa’s history and transforming our political economy. He remarked, “Our civilisation, the global civilisation, has begun in Africa… We can bring African Renaissance if we understand our history.”

Desalegn pointed out that recognising Africa’s role in global civilisation can inspire future generations. However, to achieve true prosperity, we must move from a rent-seeking political economy to one that focuses on production and competition. This shift demands visionary leadership to drive change and unlock Africa’s full potential.

Getting Past Dependency Syndrome

During the plenary session at the 3rd AfriCaribbean Trade and Investment Forum, H.E. Mahamadou Issoufou, Former President of Niger highlighted that “Africa must do away with this dependency syndrome, which gets us to think that the solutions to our problems are abroad, outside the continent.”

He further emphasised the importance of creating value chains, industrialising the continent, and modernising agriculture to ensure that Africans can trade goods among themselves. Lastly, he called for strengthening democratic institutions to mobilise internal resources and reforming the global financial architecture to make it more equitable.

Working Together As One

During the Presidential Plenary at the 3rd AfriCaribbean Trade and Investment, Forum Hon. Percival Noel James Patterson, Former Prime Minister of Jamaica, spoke on the need for unity and self-reliance. He emphasised that “If we came here and we were fighting among ourselves, it would be headline news. We have come and we have renewed our pledge to work together as one.’ Mr. Patterson further emphasised the importance of Africa exercising true sovereign power over its resources, asserting, ‘Africa must decide that it is the seller who determines the price.”

Hon. Patterson also stressed the significance of cultural and academic exchanges between Africa and the Caribbean to foster mutual understanding and pride in shared heritage. “It’s very important for us to develop that sense of knowledge, that sense of confidence, that sense of pride in ourselves.”

Afreximbank and the Bahamas Development Bank

Yesterday Afreximbank also signed a Term Sheet with Bahamas Development Bank and the Ministry of Finance to the value of $30 million.

This term loan facility is designed to enhance the trade finance capacity and offerings of the Bahamas Development Bank to its local clients, while also supporting its general corporate purposes. This initiative will boost the financial landscape in the Bahamas, fostering economic growth and development.

Signatories were Mrs. Kanayo Awani, Executive Vice-President, Intra-African Trade and Export Development, Afreximbank and the Hon. Michael Halkitis, Minister of Economic Affairs, Government of Bahamas.

Afreximbank and Prime Meridian Dock

Another significant deal signing that took place on Day 2 of the 3rd Annual AfriCaribbean Trade and Investment Forum 2024, is the Facility Agreement between Afreximbank and Prime Meridian Dock to the value of $50 million.

This project finance facility will support the development of a state-of-the-art vessel dry dock repair terminal in Ghana. This strategic investment will enhance the maritime infrastructure in the region, driving economic growth and fostering trade.

Signatories were Mrs. Kanayo Awani, Executive Vice-President, Intra-African Trade and Export Development, Afreximbank and Stanley Ahulu, CEO Prime Meridian Dock.

Two Deals With Maloney Group

Afreximbank also signed two deals with The Maloney Group (Hyatt Hotel) and The Maloney Group (Rock Hard Distribution) respectively. The first deal is a Facility, to the value of $90 million, to finance the construction of the Hyatt Hotel in Barbados, while the second deal is a Trade finance facility, to the value of $10 million, to support the importation of cement.

Signatories were Gwen Mwaba Director & Global Head, Trade Finance, Afreximbank and Mark Maloney, Executive Chairman of Maloney Group.

The Need for Trust and Collaboration

During the third day of 31st Afreximbank Annual Meetings and 3rd AfriCaribbean Trade and Investment Forum Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank opened the Trade and Investment session with a powerful message, “We all agree that global Africa has emerged. It must be given the necessary impetus to become a competing force in the currently fractured global economy.”
Her remarks highlighted the need for trust and collaboration within Africa and the diaspora to harness the continent’s potential.

The Potential of Joint Ventures

During the session on Trade and Investment, Hon. Isaac Chester Cooper shared a heartfelt message about unity, resilience, and collaboration.

He drew attention to the potential for joint ventures, he declared, “You are family, our brothers and sisters, and we love you, but I think this is an incredible opportunity to do more business with you.” He went on to stress the importance of self-determination, stating, “We no longer believe we have to play by the rules we did not create.”

Tailored Policies for Africa and the Caribbean

During the first panel session called ‘Converting AfriCaribbean Opportunities into Business: Private Sector Perspective’ Mr. Gagan Gupta, CEO of Arise Holdings, stressed the importance of vocational training and manufacturing for Africa’s growth.

“We need to focus a lot on vocational training. I think we need to ensure that people actually train in these sectors, so that when you’re exporting a global scale.”

He highlighted the need for policies that reflect local realities, asserting, “Policies are often copied from Europe or the US without considering local realities. We need policies tailored to our integrated approach in Africa and the Caribbean.”

The First Step Towards Industrialising a Nation

During a panel discussion on ‘Converting Afri-Caribbean Opportunities into Business: Private Sector Perspective », Mr. Jubril Adewale Tinubu, CEO of Oando Plc stated that « the first step in industrialising a nation or region is to provide cheap energy. So it’s critical for us to engage with local population”.

He drew attention to the necessity of keeping wealth within the region, saying, “The wealth must be institutional. The wealth must be indigenous, to ensure that it’s not consistently exported.” Let’s work together to build local solutions for local problems and drive economic growth in the Afri-Caribbean regions.

Focusing on Creative Industries

H.E. Mrs. Pamela Coke-Hamilton, Executive Director of the International Trade Centre, highlighted the need for strategic investment in key sectors within the Caribbean. She emphasised, “We have not spent enough time monetising and looking at the structural issues that can actually make creative industries a huge, huge potential in this region.”

Mrs. Coke-Hamilton also addressed the importance of infrastructure, both physical and digital, for the region’s growth. She stressed the necessity of concrete actions and the right infrastructure to harness opportunities in priority sectors such as creative industries, tourism, and agro-processing, ultimately driving economic growth and prosperity in the Caribbean.

A Message From H.E. William Ruto

In a compelling video message, President William Ruto stated that « we are living in a momentous juncture of global history when humanity is collectively struggling for prosperity while managing a complex intersection of dynamic challenges”.

President William Ruto highlighted Africa’s unique advantages and urged a unified approach to reforming global financial systems. He proposed that African central banks and governments dedicate 30% of their national reserves to African development, emphasising the importance of collective action for a prosperous future.

A Message From H.E. Amina Mohammed, Deputy Secretary General of the United Nations

In her video address at the AfriCaribbean Trade and Investment Forum H.E. Amina Mohammed, Deputy Secretary General of the United Nations, emphasised the urgent need for transformation in the current global system to meet the needs of the Global South, particularly Africa. She highlighted Afreximbank’s role as a catalyst for change and underscored the critical role of Africa’s leadership.

She called for stronger alliances, stating, “The time is now to strengthen the African Caribbean Alliance and leverage strong historical ties”,

« Mobilizing Capital Within and Across Our Regions »

During her address, The Honourable Mia Amor Mottley, S.C., M.P., Prime Minister of the Republic of Barbados stated stated that “vulnerability and insurance are two issues that we must confront because if our countries, our sectors, and our regions become uninsurable, then by definition, they become uninvestable, and that then compounds our situation.

The Honourable Mia Amor Mottley called further stated « Let us mobilize capital within and across our regions, create opportunities for green transformation, and build the resilience we need for a sustainable future. Together, we can ensure that our shared destiny is shaped by our collective efforts and investments ».

Building A Unified Brand

During the session ‘Opportunities for Global Investments for Economic Growth and Diversification in the Caribbean,’ Dr. Amany Asfour, President of the Africa Business Council, emphasised the need to empower local businesses: ‘We don’t have multinational companies; all our companies are indigenous, and this is the people that we have to empower. We have to build their capacity.’

Dr. Asfour highlighted the potential of the tourism sector as a catalyst for growth and inclusivity, mentioning the need for collaboration and unity. She called for building a unified brand to enhance trade and investment opportunities between the two regions. Her remarks underscored the necessity of connectivity, policy advocacy, and product development to achieve this goal.

Financial Mobilisation

In the ‘Opportunities for Global Investments for Economic Growth and Diversification in the Caribbean’ session, Mr. Okechukwu Ihejirika, Ag. RCOO, Afreximbank Caribbean Regional Office, addressed the need for financial mobilisation to enhance African and Caribbean partnerships. ‘The financial sector needs to mobilise more to bring about possibilities to finance this opportunity.’

Mr. Ihejirika mentioned the bank’s efforts in this regard, including its initiatives to work with commissions to facilitate opportunities in the financial sector. He also underscored the importance of supporting SMEs through tailored programmes, emphasising their role in creating a meaningful impact on regional connections and investment opportunities.

The Impact of Sports in Communities

During the ‘Transformative Power of Sports’ session, Mr. Amadou Fall, President, Basketball Africa League (BAL) shared insights into the impact of the Basketball Africa League (BAL) on African youth and communities. He emphasised, ‘We took a lot of time to really lay out the foundation, to focus on the pacing, to make sure that we made the game accessible for young boys and girls passionate about the game. We built relationships, engaged with governments, federations, all stakeholders, private and public partners, and people who saw an opportunity to use basketball as a tool to really empower youth and build communities.’

Breaking Barries For The Next Generation

H.E. Ulrich “Rick” Alexander Fox, Ambassador at Large of The Bahamas and CEO of Partanna Global shared his insights on the transformative power of sports ‘The only lesson I will tell you that I live my life with, whether I’m on a basketball court, in the boardroom, leading a company, or on the set of a movie or TV show, is that I’m constantly looking to be in service to the people around me, to make their journey that much easier.’

H.E. Rick Fox also highlighted the need for creating opportunities and empowering young people through jobs, sustainable development, and mentorship.

The Power of Youth

During the session on ‘The Role of Youth in Shaping the Next Era of Global Africa’, Ms. Chido Cleopatra Mpemba affirmed that “whatever product, whatever service you’re providing, is going to the young people. So as a result, we need more of that ratio in the rooms. We need more of that ratio on the decision-making table.”

She acknowledged the resilience and innovative spirit of young people, while also addressing the significant gaps in access to funding and opportunities, and highlighted initiatives such as the AfCFTA Youth Symposium and the AfCFTA Protocol on Youth and Women that aim to foster a more inclusive economic environment by lowering trade tariffs for women and youth.

The Orange Economy

At the session on ‘Realising Opportunities for Afri-Caribbean Trade in Creative and Cultural Products’, we were honoured to hear from Hon. Ginger M Moxey, Minister for Grand Bahama, the Bahamas.

She beautifully articulated that « while people come for the sun, sand and sea, what they really want is they want that experience. They want that culture, the arts, the craft. They want to know what it is we do, what we’re all about. And I consider that the orange economy, we place so much focus on it, that in our own platform, in our own blueprint for change, for how we govern the country, the orange economy plays a pivotal role. So, for me, it is who we are, what we do, how we act, and it’s what people come to the Bahamas for.”

Telling Our Own Story

Speaking at the plenary session on ‘Opportunities for AfriCaribbean Trade in Creative and Cultural Products’, Genevieve Nnaji, Managing Director of The Entertainment Network (TEN) emphasised the importance of collaboration between business and creativity, stating that they must go hand in hand. She highlighted the need for respecting the creative aspect to achieve economic success. Her words underline the significant role local talent and industries play in telling authentic stories and driving economic growth. Investing in our creative industries is crucial for promoting cultural heritage and ensuring economic prosperity within the AfriCaribbean community.

Creating New Narratives

We had the pleasure of hearing from Boris Kodjoe during the session on ‘Realising Opportunities for Afri-Caribbean Trade in Creative and Cultural Products.’

He highlighted the market potential stating “We realise that Africa is actually the biggest market when you’re talking about the next 15 years”, and underscored the importance of narrative control saying, “There’s huge opportunity now that we’re getting ready for as content providers, and the key is to create content that shapes narratives that are counteracting all those stereotypical and old narratives that Africa has been subjected to for the past 100 years.”

Showcasing Our Heritage

During her conversation with Mr. Wole Famurewa, Independent Board Director, Anchor, CNBC, Mrs. Folake Olowofoyeku stressed the importance of African storytellers owning their narratives and the potential of African mythology to captivate global audiences. She expressed her commitment to Africa and her desire to produce blockbuster projects centred around African mythology, showcasing the rich cultural heritage of the continent.

She also called for « banks and investors to invest in storytellers of colour, in African production companies who want to accurately depict our experience”.

Recognising Africa as a Superpower

In the closing conversation of the third AfriCaribbean Trade and Investment Forum, Mr. Jeannel Wyclef Jean highlighted the deep connection between the diaspora and the continent, drawing attention to the power of imagination and dreams in overcoming adversity and driving progress. He also declared the need for a comprehensive narrative about Haiti, focusing on its history, culture, and future.

In his own words, « Until the Caribbean recognises Africa as a superpower, the Caribbean can’t advance… The future of the Caribbean is in the hands of Africa”.

The Properity of The Continent

The AAM2024 ended on with a heartwarming session, distinguished guests gathered to give prominence to the importance of charitable donations and support for the vulnerable, particularly children and women. Her Excellency Mrs. Ann Marie Davis, First Lady of the Commonwealth of the Bahamas, highlighted the role of supporting and uplifting one another, particularly children, in building a strong nation, “We must continue to build our nation by supporting and uplifting each other, especially our children, who are our future.”

Mrs. Chinelo Oramah, spouse of the President & Chairman of the Board of Directors of Afreximbank, echoed the importance of inclusivity and sustainability in achieving meaningful prosperity for the continent, “The prosperity of the continent is only meaningful when it is inclusive and sustainable.” Mrs. Chinelo Oramah made two donations of $50,000 each to the Bahamas Children’s Emergency Hostel and the Salvation Army, embodying the spirit of Global Africa.